Top 10 Lists + Full Lender Lists (Linked in Brackets)
Fair Finance Loans @ www.fairfinance.org.uk
Fair Finance delivered the cheapest 6 month loans in our top 10 countdown. They came in just ahead of Drafty. Each of these companies were the only lenders to charge less than £100 for a £300 sum that highlights the great value. The main drawback of this service is that loan agreements must be signed in one of their offices in London. They have 5 of these including Dalston, East Ham, Elephant and Castle, Limehouse and Thamesmead. This social business was formed in 2005. This brand of East End Fair Finance Ltd is found at www.fairfinance.org.uk or through retail. The Fair Finance personal loans are available between 6 and 18 months payable in monthly or weekly repayments.
Amounts spanning £100 and £3000 can be selected. This has recently been bumped up as they previously stopped at £2k. There is a specialised business loan up to £50,000. An admin fee must be paid before any payout. This admin fee is 5% (minimum £25). This £25 could rise to as high as £150 with their £3000 cap. A reduction to 4% is handed to returning customers, but to make a difference you’ll need sizeable sums. Their calculator factors in the admin charge. £300 over 6 comes in at £85 (£60 + £25). If opting to repay weekly the cost is £96. For a large £1000 over a year you pay £451 (monthly) or £494 (weekly).
The usual route is to initially apply at the site. An appointment will then be arranged. You must taken in proof of address, income (payslips) and bank statements for the past 3 months. This is asking quite a lot, but they are willing to consider bad credit and they do extend to those who receive benefits. They don’t want to exclude anyone, but obviously if you don’t like the idea of someone asking lots of questions about your credit history then you may wish to look elsewhere. There is no login, but they have now added a quick payment area. All of their branches are open between Monday and Friday during the matched hours of 9am to 5.30pm.
Pricing Examples Paying Monthly…
£85 /£300 (6)
£451 /£1000 (12)
Pricing Examples Paying Weekly…
£96 /£300 (26)
£494 /£1000 (52)
Data Taken from www.fairfinance.org.uk: January 2017.